When donating non-cash items to your favorite charity, remember that the tax deduction you get is determined by the value you place on the furniture as well as your tax bracket. It's best to discuss this with your accountant prior to making the donation.
Keep in mind that different charities have different methods of use for the items. The Salvation Army, for example, takes the donated items and puts them in their stores for sale. That's how they generate money for their worthwhile programs. Furniture Sharehouse, a Westchester County-based organization, stocks the items in a large warehouse and then distributes them to people in need. Habitat for Humanity is another organization that will sometimes accept furniture donations. I believe they sometimes give out the furniture to those in need and possibly also sell items in their local stores. We will sometimes take items and give you a charitable deduction from a local charity that we work with.
As crazy as this may sound, it's not so easy to give away furniture. Large items require skilled movers and many charities are short on man-power and trucks to pick up the items. Or, they are so overwhelmed with donations that they may not come as soon as you call. So schedule your pick ups far in advance of the date you need the items removed. And, be prepared for the charity to turn you down. Your items may be in top condition, but if they are items that are not in demand, then the charity will not take them.
When donating items, the charity will rely on you, the donor, to put a value on the items. You can value your items based on what you believe they are worth in the current market, not what you might have paid for the item. Remember, if you're valuing the items at more than $5000, the IRS will want to see an appraisal from a qualified appraiser.
Keep in mind that different charities have different methods of use for the items. The Salvation Army, for example, takes the donated items and puts them in their stores for sale. That's how they generate money for their worthwhile programs. Furniture Sharehouse, a Westchester County-based organization, stocks the items in a large warehouse and then distributes them to people in need. Habitat for Humanity is another organization that will sometimes accept furniture donations. I believe they sometimes give out the furniture to those in need and possibly also sell items in their local stores. We will sometimes take items and give you a charitable deduction from a local charity that we work with.
As crazy as this may sound, it's not so easy to give away furniture. Large items require skilled movers and many charities are short on man-power and trucks to pick up the items. Or, they are so overwhelmed with donations that they may not come as soon as you call. So schedule your pick ups far in advance of the date you need the items removed. And, be prepared for the charity to turn you down. Your items may be in top condition, but if they are items that are not in demand, then the charity will not take them.
When donating items, the charity will rely on you, the donor, to put a value on the items. You can value your items based on what you believe they are worth in the current market, not what you might have paid for the item. Remember, if you're valuing the items at more than $5000, the IRS will want to see an appraisal from a qualified appraiser.